Don’t be fooled by a short-term rebound; at its core, it’s a sentiment-driven market with no fundamental support, so a reversal is unlikely to hold in the short term.

When the price spikes up, it gets sold off; sell pressure keeps coming in. This is a standard rebound-and-dump distribution pattern. The weekly chart’s long upper wicks reveal that the bulls lack strength, and the resistance above is enormous.

The four-hour chart is grinding sideways; the rebound has no volume and extremely weak follow-through. The bigger picture is still dominated by bears. The 69,000-70,000 area has confirmed strong overhead pressure; repeated attempts to break through have failed. Don’t chase longs on the current rebound—if price reaches the resistance, short immediately.

Trading suggestion: For aggressive traders, short directly at the current price of 69,000. For more cautious traders, short near the 69,400-70,000 area. Look for support at around 67,600-67,000. If it breaks below 66,000, set your defense according to your own position.
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